Goldman Sachs CEO apologises for ex-banker’s role in 1MDB scandal
17 Jan 2019

Goldman Sachs Group Inc (GS.N) Chief Executive Officer David Solomon (pictured) on Wednesday apologised to the Malaysian people for former banker Tim Leissner’s role in the sovereign wealth fund 1MDB scandal, but said the bank had conducted due diligence before every transaction.

Goldman is being investigated by Malaysian authorities and the U.S. Department of Justice for its role as underwriter and arranger of three bond sales that raised $6.5 billion (£5 billion) for 1Malaysia Development Berhad.

U.S prosecutors last year charged two former Goldman bankers for the theft of billions of dollars from 1Malaysia Development Berhad. Leissner, a former partner for Goldman Sachs in Asia, pleaded guilty to conspiracy to launder money and violate the Foreign Corrupt Practices Act.

– By Aparajita Saxena, Reuters, 16 January 2019.

Link to Reuters.

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